U.S. government claims against the bankrupt crypto exchange FTX are expected to total between $3 and $5 billion, according to a court filing on Wednesday, subject to change and negotiations with applicable authorities.
However, it is important to note that in accordance with Chapter 11 priorities for the estate, FTX customers, Alameda Research lenders, administrative expenses, and non-governmental creditor claims will be paid out before any government and tax claims. After administrative expenses and non-governmental creditors, up to 25% of the distributable value will be made available to pay claims for U.S. Federal income taxes, with the remainder used to pay claims by the Commodity Futures Trading Commission and other government authorities, the filing noted.In December, the U.S. Internal Revenue Service stated that FTX owed $44 billion in unpaid taxes, later adjusting the amount to $24 billion — though it is unlikely to be fully recovered.